EFTA Document EFTA01385512

> Financials Deutsche Bank 0 Credit Suisse Kinner Lakhani, BUY, close CHF17.81 CHF21 tgt, 18% upside ■ CS has superior Wealth Management operating momentum of 13% CAGR PBT over the next 3 years supported by its Relationship Manager investments, One Bank strategy and strong cost control ■ It has strong cost control with a targeted 2018 cost base of <CHF17bn, c20% down on 2015, with recent new guidance of CHF16.5-17bn over 2019-20. ■ Attractive capital return based on c50% payout ratio th